OREANDA-NEWS. March 18, 2016. Legg Mason, Inc. (NYSE: LM) ("Legg Mason") announced today that it priced its underwritten public offering of \\$450.0 million of Senior Notes due 2026 (the "Senior Notes") at a price equal to 99.954% of par. The offering is expected to close on March 22, 2016, subject to the satisfaction of customary closing conditions.

The Senior Notes will bear interest at a fixed rate of 4.750% per year. Interest for the Senior Notes will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2016.

Legg Mason plans to use the net proceeds from the Senior Notes offering, together with the proceeds of its previously announced junior subordinated notes offering and future financings, to finance the purchase prices for the previously announced acquisitions of Clarion Partners and EnTrust Capital and to pay fees and expenses related to these acquisitions, this offering, the junior subordinated notes offering or any future financing.  If either of these acquisitions is not consummated, we will retain broad discretion to use all or any of the net proceeds from this offering for general corporate purposes.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC"). Interested parties should read the prospectus included in such registration statement and the prospectus supplement for the offering and other documents that Legg Mason has filed with the SEC for more complete information about Legg Mason and the offering.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. The offering is being made only by means of a base prospectus and accompanying prospectus supplement, copies of which may be obtained by contacting Citigroup Global Markets Inc., 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Broadridge Financial Solutions, or by calling 1-800-831-9146 (toll-free) or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or by calling 1-212-834-4533 (collect). An electronic copy of the base prospectus and prospectus supplement may also be obtained at no charge at the SEC at http://www.sec.gov.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.